Major Averages Slide More Firmly Into Negative Territory

(RTTNews) - After moving moderately lower in early trading on Tuesday, stocks have seen some further downside over the course of the trading session. Renewed worries about the outlook for the Federal Reserve's stimulus program are weighing on the markets.

Gold stocks have shown a substantial move to the downside on the day, dragging the NYSE Arca Gold Bugs Index down by 4.4 percent. With the drop, the index has pulled back to its lowest intraday level in almost a month.

The weakness among gold stocks comes amid a decrease by the price of the precious metal, with gold for December delivery sliding $16 to $1,286.40 an ounce.

Significant weakness has also emerged among airline stocks, as reflected by the 2.5 percent loss being posted by the NYSE Arca Airline Index. United Continental (UAL) has helped to lead the sector lower, falling by 4.7 percent.

Housing stocks are also seeing considerable weakness in mid-day trading, with the Philadelphia Housing Sector Index down by 1.9 percent. Radian Group (RDN) and PulteGroup (PHM) are posting steep losses.

Most of the other major sectors have also moved to the downside, with notable weakness visible among oil service, biotechnology, and steel stocks.

The major averages have recently climbed off their worst levels of the day but remain firmly negative. The Dow is down 98.19 points or 0.6 percent at 15,513.94, the Nasdaq is down 29.18 points or 0.8 percent at 3,663.77 and the S&P 500 is down 10.20 points or 0.6 percent at 1,696.94.